"As we expand our footprint in the derivatives space, our U.S. futures platform will allow NASDAQ OMX to offer member firms new trading opportunities in various products, including metals," said Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at NASDAQ OMX.
"We're thrilled to partner with WSEM as we look to develop a robust product suite of steel futures which leverages our INET trading platform and the NASDAQ OMX Data Center for efficient execution across asset classes," said Daniel Carrigan, President of NFX.
For more information about NFX, please visit our website at:
World Steel Exchange Marketing (WSEM)
WSEM will be periodically assisted by World Steel Dynamics (WSD) and its 12 person staff, and is responsible for marketing all steel related futures products. In addition, WSEM educates the steel industry on the benefits of using futures to hedge the steel price risk to steel buyers and sellers, to professional investors, and to those with large steel equity holdings. WSEM is led by WSD's managing director, Peter Marcus, a renowned analyst of the steel industry for 51 years and the founder of World Steel Dynamics. Marcus believes the advent of steel futures trading brings with it a revolution in the way the industry buys and sells steel. The biggest winners will be those who adopt these new financial tools the earliest and the customers they serve.
Pat McCormick, WSEM president, came to WSD six years ago after a 30-year career at Emerson. Pat founded WSD's "Steel Stratagems" consulting service which works with select clients to help them better manage raw material and finished product price risk. John Conheeney, EVP, has over 25 years of experience in the futures markets, and will help customers gain market access, understand the contracts, and work with them to appreciate the benefits of managing the price risk with futures.